U.S. / Canada Banking & Payments Landscape. Following Topics. Overview of US and Canadian Banking and Clearing systems Differences / Similarities by Service Disbursements Receivables Imaging Balances Reporting Fraud Prevention. Clearing and Settlement System.
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Canada's clearing and settlement system is one of the most efficient in the world
Same day value across five time zones
Six clearing centers across the country
Canada's single, centralized check clearing system is overseen by:
the Bank of Canada, which provides the means for settlement;
the Canadian Payments Association (CPA), which operates the national clearing and settlement systems that facilitate the flow of funds between institutions; and
all deposit-taking institutions, such as the top six banks
U.S. Banking Facts
Canadian Banking Facts
*UCC varies from state to state and timeframes can be negotiated between the customer and their bank.
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